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FS Daily Bytes: 1st Nov

India

  1. Bringing unorganized sector under tax remains elusive even after introduction of GST. The primary reason seems to absence of e-bill as that has allowed unorganized sector still avoid taxes on intra-state transactions. Also the high tax incidence has pushed a few towards part cash deals with truckers reporting moolah by charging higher for goods with missing GST details. For more, refer here
  2. SBI cuts MCLR rate by 5 basis points which will make home loan a tad cheaper
  3. Exim bank has signed a MoU with Centre for Microfinance & Livelihood (a TATA Trust initiative) to help grassroots enterprise improve their export competitiveness by sharing knowledge and connecting each other for support, both knowledge as well as financial
  4. HDFC bank has launched 9 SmartUp zones in Bengaluru. These are dedicated in-branch services for start-ups to cater to their needs and as well provide HDFC Smartbuy platform for showcasing their products.
  5. Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, has announced the appointment of Vikas Seth as Chief Executive Officer
  6. “Over the past 12 months, we’ve seen unprecedented activity and growth in India,” Nicolas Cary, Co-founder and President at the world’s largest Bitcoin exchange, Blockchain, told BusinessLine. The has hit a high of $6,500
  7. HDFC Standard Life is open to acquisition of small to medium players including MaxLife
  8. Pension regulator PFRDA has increased the maximum age of joining NPS-private sector to 65 years from 60 years at present
  9. Some 10,000 UK financial services jobs could move abroad on the first day of Brexit, the Bank of England predicted today after warnings of up to 75,000 relocations in total.
  10. UPI clocked 76.9 million transactions in Oct 2017 compared to 30.9 in Sep, which is near double. The festive season surely had a play in it. Value wise the jump was from 5325 crore to 7057 crore
  11. Singapore has offered assistance to promote India’s digital payment network RuPay card overseas by becoming its first international partner
  12. National Payments Corporation of India (NPCI) has reached a milestone by issuing 25 million RuPay Discover Global cards, since first issuing it in 2014
  13. India’s current account deficit (CAD) for this financial year is expected to be around USD 40 billion, or 1.5 per cent of GDP, says a Nomura report
  14. Use of credit cards saw a sharp jump in 1 year leading to Sep-2017 with outstanding rising by 38.7%

Rest of World

  1. Digital invoicing platform MarketInvoice launched business loans for its customers. Akin to P2P, they plan to leverage on incoming EU rule (PSD2- Second Payment Services Directive) which forces banks to open its customer data to 3rd party companies, apply machine learning to evolve the credit evaluation and drive the p2p loan process. Refer here for more.

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